The manufacturing sector is set for relief as the federal government is set to kick off its two programmes targeted at alleviating the impact of the fuel subsidy removal – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
In the Presidential Conditional Grant Programme, the federal government will disburse N50,000.00 (Fifty Thousand Naira) to nano businesses, across the 774 local government areas.
To access the fund, nano business beneficiaries should be willing to provide proof of residential/business address in their local government areas, and
Provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity.
Under the Presidential Palliative Loan Programme for MSMEs, the federal government will likewise disburse N75 billion to Micro, Small and Medium-sized Enterprises across various sectors and N75 billion specifically to Manufacturers.
While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
